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Nifty continues to make lower top[ formation on daily chart along with remaining below 200DMA implying some more pain in the market. The support for the day is seen at 10,060 while resistance is seen at 10,160. Very few stocks have remained in its uptrend, hence we suggest waiting for market to stabilize for buy strategies.
The stock has maintained a strong base at around 1825 levels from where it has made revival on more than one occasions and currently it has indicated a good positive bias moving above the significant moving average of 34 WMA and we anticipate a further rise from here on to scale above the previous peak of 1920 levels. With the RSI indicating a trend reversal signaling a buy and also the MACD which is on the rise, we recommend a buy in this stock for an upside target of 1980 keeping a stop loss of 1820.
The stock after making the bottom at 752 levels has been maintaining a strong support at the 144 WMA moving average and gradually has recovered and maintained a positive bias. Currently the stock is on the verge of a breakout above the previous peak of 938 level and we anticipate a further fresh rise in the coming days. With the indicators looking positive the chart is looking attractive and we recommend a buy in this stock for an upside target of 960 keeping a stop loss of 840.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.